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In the past weeks we’ve been talking more and more about no-time-based chart. In particular about Renko charts.

For those who still don’t know what is Renko charting… it is a tool that represents price movements by using boxes (or “bricks” as renko means brick in the Japanese language). If price has moved higher by a predetermined amount of pips, we add a new brick up. If it moves down of the same amount we add a box down.

Like for candles, “up boxes” and “down boxes” have different colors.

Below is an example of Renko chart on EURUSD. Every box is 15 pips and the white vertical lines are change of days. As you can see there are days when you only have one bar and days when you have tens. With no-time-based charts like Renko, you no longer focus on time but on real price movement that is what’s important for our trading.

The most important aspect about no-time-based charting is that they add candles/bricks/boxes only when price is moving and not simply when time passes. This way we have much clearer charts that are able to filter ranging periods (and so many false signals, etc).

Unfortunately MT4 is not able to display Renko charts but needs some additional programming to have them. There are a few of commercial solution but also some good free and open ones. We decided to use one of the best and most popular ones and “pimp” it to add some feature. We kept it free and open so that you can use and share it as you want and also look at the code and possibly modify it in order to suit your specific needs.

One of the main features we added is a procedure to automatically calculates the “best” box size for each instrument. It is based on the method we described here (http://pimpmyea.com/how-to-determine-a-good-box-size-for-renko-charts/). You can use it, use it as a simple “guide” and then set you preferred box size, or simply ignore it. This procedure is made to have a box size that is appropriate to medium/long term trading. If you want to scalp using Renko, you should use a fraction of the calculated box sizes.

We’ll keep on working on it and “pimp” it further with additional features. If you have any idea please contact us and we’ll try to integrate it.

The Renko charts are generated by an EA that creates the “offline” charts with renko boxes. Don’t be scared as it is very easy to use. With the free kit you’ll also have access to instructions on how to use it, but the EA itself will guide you through the simple steps required to have your Renko charts up and running.

To give you an idea of how much Renko charts are a step forward success in trading, we also developed (and released it freely and as open code) a set of “regular” indicators but in a special flavor:

Parabolic SAR BARSthis is the regular Parabolic SAR indicator (with “optimized” defaul settings or Renko) but shown as red/green bars. Green bars mean that we are in an up trend, red ones that we are in a down trend. We have green bars when the PSAR is below the close price, and red ones when the PSAR is above the close price.

Hull Moving Average BARS
this is the regular Hull Moving Average indicator but shown as red/green bars. Green bars mean that we are in an up trend, red ones that we are in a down trend. We have green bars when the HMA is going up, and red bars when it points down.

Demark BARS
this is the regular Demark indicator but shown as red/green bars. Green bars mean that we are in an up trend, red ones that we are in a short trend. We have green bars when the HMA is going up, and red bars when it points down.

MACD (bicolor)
this is the regular MACD (with “optimized” defaul settings or Renko) but shown as red/green bars. Green bars mean that we are in an up trend, red ones that we are in a down trend. We have green bars when the MACD is going up, and red bars when it points down. You can also use the yellow line (Signal SMA) as a long term filter. When the MACD is above the yellow line we are in a long term up trend, while when it is below we are in a long term down trend. To mix them together you can only take long signals (green bars) when the MACD is above the Signal SMA (yellow line) and viceversa, take only the sell signals (red bars) when the MACD is below the yellow line.

This FREE Renko kit is a real complete set of EA and indicators. We also added a template to make it even easier for you to start trading with Renko.

During the past few weeks we made some very good trade simply by using these indicators applied to Renko charts. We’ve seen that there’s no a specific “best indicator” that suits every situation, because the optimal indicator depends on pairs, volatility, etc. Feel free to experiment. We already have some good trading system that we are testing and automating.

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One of the best things about Renko is that it also makes trading with good tools even better. Actually we are using Renko charts together with a couple of our most successful indicators: FuturoFX and SpaghettiFX.

If you own them, you’ll also find a couple of ready made templates to apply FuturoFX and/or SpaghettiFX to Renko charts. If you don’t own them yet, after downloading the FREE Renko kit, you’ll also receive a discount coupon to give you the chance to use them at a special price.

Again, feel free to experiment as much as possible with this free Renko package and send us your comments 😉

Andrea

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If you want an automatic trading systems based on Renko charts that is able to gain an average +27% per month then you should look at HART EA.

Hello:
An indicator that I use with success is the CCI; I am asking you to please consider adding this indicator to your coded indicators “Optimized” for Renko.
Thank you for your consideration, I have a unique way of trading the CCI which is helpful for catching market swings. Glad to share this if an indicator is developed.
Shawn

Hi Lothar, please follow our instructions of the Free Renko Kit. Once the Renko EA is running on the M1 chart you’ll see the M2 offline chart listed in the Offline menu. If you have further issues please send us an email.

I have clicked the submit form button several times and was directed to my inbox to confirm my subscription. I clicked on the confirmation link but have not received the download link for the free renko kit.

Dear Neil, thanks for reporting. I’ve just checked the web page and it works fine on our side. The problem may be related to the cache in your web browser. Anyway, I’ve just sent you the link to our Renko kit via email 😉

Good Morning.
I have successfully installed EA and have M2 offline chart functioning. I find that I now open metatrader the platform immediately is not responding. This is the latest MT build. Any suggestions.

This is a very nice tool! I’m already running it. As I see an EA generates the offline renko charts. Can we run other EAs on these offline charts? I tried to use a simple cross over EA on renko chart but couldn’t get results. How can we make a back test on renko offline charts?? Regards…

Hi,
yes you can use EA on Renko charts but it depends on how EAs are written. We have a couple of EAs made to work on Renko charts. A simple MA crossover should work if it doesn’t make any reference to any timeframe.
Backtesting is possible but it’s a long and tricky process.
Cheers,
Andrea